Procurement Outsourcing Market to See 14.97% CAGR Growth as IT Adoption in BPO Grows to 2019

Social, mobile, analytics, and cloud adoption for outsourcing services are the next big thing in procurement outsourcing market. Social media networking sites are creating awareness at three levels: creating awareness about the outsourcing services, influencing clients' opinions, and eventually leading to action. Social media is in effect, acting as an intermediary where stakeholders of procurement outsourcing can connect together for information sharing and settle procurement outsourcing contracts.

According to the Global Procurement Outsourcing Market 2015-2019 report, organizations in the past have focused on outsourcing direct procurement functions such as procurement of goods and services that go directly into manufacturing processes such as ingredients, in the food industry. Indirect procurement outsourcing includes marketing and communication related services, IT services, and HR services.

The growing adoption of IT in BPO effectively drives the adoption of procurement outsourcing services, and the market is likely to reach a CAGR of approximately 14.97% by 2019. There is a visible inclination toward automating BPO operations, which allows service providers to significantly improve their sustainability in the market. Importance is being given to building reusable service delivery platforms and increasing scalability and automation by leveraging new software tools that quantify, manage, and control the implementation of a process within as well as between organizations.

The research analysts predict that due to volatile economic conditions, companies often have to deal with declining budgets and CPOs are often forced to accomplish more with fewer resources. Budgetary restrictions are thus moving more CPOs to seek low-cost delivery solutions such as outsourcing. Procurement outsourcing service providers have invested significantly in their procurement offerings, enhancing their capabilities in a number of areas including new offerings such as risk analytics and value engineering, contract drafting, spend analytics, and SCM such as logistics support and inventory analysis. Order a copy of Global Procurement Outsourcing Market 2015 - 2019 report @ http://www.sandlerresearch.org/purchase?rname=46435.

Market segmentation of procurement outsourcing by type

Standalone procurement outsourcing

Procurement outsourcing as a part of BPO services offered

The majority of the market is occupied by the standalone procurement outsourcing segment with a market share of 52%, and the remaining 48% of the market is held by the procurement outsourcing as a portion of BPO services offered segment. It is expected that the standalone procurement outsourcing segment will witness rapid growth during the forecast period.

Further, the report states that one of the major challenges in the global procurement outsourcing market is to provide procurement outsourcing services that can meet clients' business requirements in uncertain and volatile economic conditions.

Vendors Analysis: In the current scenario, companies are opting for the automation of processes, simplification of IT environment, and development of an economical cost structure, which suggests that there will be a favorable spending environment for the procurement outsourcing market during the forecast period. The companies that are key players in procurement outsourcing market include Accenture, Capgemini, Genpact, GEP, IBM and Xchanging. And the other prominent vendors mentioned in this research are Aegis, ATS Group, CGI, Corpus, CSC, DSSI, HCL, HP, Infosys, Optimum Procurement, Proxima, Synise, TCS, TechMahindra , Wipro, WNS and Xerox .

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